Crude tumbles to settle below $49/bbl on weak economy
Published on Tue, Mar 31, 2009 at 08:48 | Source : CNBC-TV18
Updated at Tue, Mar 31, 2009 at 12:23
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Crude tumbles to settle below $49/bbl on weak economy
Crude dropped by more than 7% to below USD 49 a barrel, weighed down by the stronger US dollar, weaker stock markets and economic concerns. In after hours access, crude was trading at USD 49.18 per barrel on the Nymex.
Crude dropped by more than 7% to below USD 49 a barrel, weighed down by the stronger US dollar, weaker stock markets and economic concerns
In after hours access, crude was trading at USD 49.18 per barrel on the Nymex.
Here is a transcript of Commodities Editor, Manisha Gupta's comments on CNBC-TV18. Also watch the accompanying video.
Reuters CRB Index declined 3.5%, to 215.17. Dollar Index was up 1.2% this week while it was up 1.6% last week.
NYMEX crude futures fell 7.5% at $48.41 a barrel while it was up 9% (QoQ). Higher crude prices at $55/bbl led to cheating on quota among OPEC members. The sell-off in equities and strong dollar was putting pressure on crude prices.
The near-term range for crude prices is seen between $47-52/bbl. It was trading at USD 49.20/bbl, up USD 0.79.
In the precious metals, gold was down 0.8% to $915.50 an ounce while it was up 3.8% (QoQ). Silver fell 1.7% at $13.03/oz while it was up 15% (QoQ).
In the base metals, copper declined 3.6% at $3905/tonne. Aluminium was down 1.8% at $1395/tonne. Nickel fell 1.8% and lead lost 2.7%.
Crude dropped by more than 7% to below USD 49 a barrel, weighed down by the stronger US dollar, weaker stock markets and economic concerns 
